CoBe Capital, a private investment firm focused on the acquisition and management of non-core corporate divestitures, announced today that CoBe Capital operating company, Warendorfer Küchen GmbH, has agreed to acquire the assets of Kornmüller GmbH & Co KG, a manufacturer of premium solid wood kitchen cabinetry. Warendorf will be transitioning Kornmüller’s dealer relationships across Southern Germany and Austria and continue to supply kitchens with the same craftsmanship and innovative design that have contributed to more than 50 years of mutual trust. This transaction is set to close on January 31, 2013.
“This acquisition represents a strategic extension into the solid wood kitchen segment for Warendorf and provides the opportunity to extend sales into Kornmüller’s dealer network with an enhanced product offering,” said Dr. Henning Walf, the Managing Director at CoBe Capital with ongoing oversight for this investment.
Started in 1963 as a family workshop, Kornmüller has long been known for its exquisite selection of premium woods and incorporates the nature of these materials into the design and craftsmanship of its kitchens. Today, the range is comprised of four distinct styles: purist, trendy, classic and romantic.
“A CoBe operations team is already closely working with Mr. Franz Kornmüller to help the company restart operations as a subsidiary of Warendorf and transition the dealer network,” stated Dr. Henning Walf.
This transaction represents CoBe Capital’s first investment in Austria and follows its most recent transaction, Warendorfer Küchen GmbH in Germany in 2012. With the addition of Kornmüller, CoBe Capital now owns three operating companies in continental Europe, in addition to its satellite offices in Paris, France and Cologne, Germany.
About Warendorfer Küchen GmbH
The Warendorfer Küchen GmbH arose from the kitchen furniture activities of German household appliances giant Miele & Cie. Since September 2010 the high quality and design oriented Miele DIE KÜCHE kitchen furniture have been rebranded “Warendorf – Kitchen for Personalities” and continues to be positioned as a luxury brand. Warendorf kitchens are distributed via a worldwide network of flagship stores, independent dealers to consumers and project developers.
About CoBe Capital
CoBe Capital, a global private investment firm with a permanent capital base, specializes in the acquisition and operation of non-core and underperforming business units in the Americas and Europe from leading global corporations. CoBe Capital owns and operates a diversified portfolio of companies strives to achieve long-term growth based on lean management and continuous improvement business philosophies. CoBe Capital was founded by Neal Cohen in 1994.
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